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NEWS 19 March 2020

Playtech outlines EBITDA loss expectations in business update

By Owain Flanders

Playtech has announced it is working to protect its cash flow amid the global outbreak of coronavirus.

The gaming supplier said it has seen “limited impact” towards its B2B business, with the company’s poker and bingo businesses seeing increases in activity due to the restrictions imposed on movement in certain countries.

Playtech expects the live casino vertical to be impacted as the situation continues, with the segment requiring employees to work within the same location.

As a result of the postponement and cancellation of sporting events, Playtech expects its B2B sport business, which predominantly operates in Greece and the UK, to generate a loss of €4m ($4.3m) in adjusted EBITDA.

Playtech’s B2C operations have been impacted by the closure of Italian-based operator Snaitech’s betting shops.

The bookmaker, acquired by Playtech in 2018, continues to generate revenue from its online business but has been impacted by the lack of sporting events.

Snaitech is expected to generate a loss of €3m in adjusted EBITDA per month as the situation continues.

The supplier’s revenue in Asia is expected to remain at the same level as last month, at €7m.

In the UK, the Gambling Commission has asked for license application documentation to be sent in via email as the coronavirus forces its employees to work from home.  

RELATED TAGS: Online | Sports Betting | Bingo | Casino
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